Plain English Breakdown
The plain English breakdown is still being put together. The official documents below are already here.
HF4616 • 2026
Minnesota wealth tax established.
Minnesota wealth tax established.
Taxes
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2026-04-07
House
Author added Rehrauer
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2026-03-26
House
Authors added Falconer and Pursell
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2026-03-25
House
Introduction and first reading, referred to Taxes
Official Summary Text
Minnesota wealth tax established.
Current Bill Text
Read the full stored bill text
A bill for an act relating to taxation; establishing a Minnesota wealth tax; proposing coding for new law in Minnesota Statutes, chapter 290. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. new text begin [290.055] WEALTH TAX. new text end new text begin Subdivision 1. new text end new text begin Definitions. new text end new text begin (a) For purposes of this section, the following terms have the meanings given. new text end new text begin (b) "Pass-through entity" has the meaning given in section 291.005, subdivision 1. new text end new text begin (c) "Situs of property" means, with respect to: new text end new text begin (1) real property, the state or country in which it is located; new text end new text begin (2) tangible personal property, the state or country in which it is normally kept or located; and new text end new text begin (3) intangible personal property, the state or country in which an individual taxpayer is domiciled or the state of which a trust is a resident. new text end new text begin (d) "Taxable wealth" means: new text end new text begin (1) the value of all of a taxpayer's property, real or personal, tangible or intangible, but excluding property with a situs outside of Minnesota; minus new text end new text begin (2) the sum of all debts and financial obligations owed by the taxpayer. new text end new text begin Subd. 2. new text end new text begin Tax imposed. new text end new text begin A tax is annually imposed equal to one percent of the taxable wealth of an individual or trust in excess of $10,000,000. new text end new text begin Subd. 3. new text end new text begin Taxes imposed are in addition to other taxes. new text end new text begin The tax imposed under this section is in addition to the tax imposed under chapter 291; section 289A.08, subdivision 7; and any other tax imposed under this chapter. new text end new text begin Subd. 4. new text end new text begin Property situs; nonresident ownership interests in pass-through businesses. new text end new text begin For a nonresident taxpayer with an ownership interest in a pass-through entity with assets that include real or tangible personal property, situs of the real or tangible personal property is determined as if the pass-through entity does not exist and the real or tangible personal property is personally owned by the taxpayer. If the pass-through entity is owned by a person or persons in addition to the taxpayer, ownership of the property is attributed to the taxpayer in proportion to the taxpayer's capital ownership share of the pass-through entity. new text end new text begin Subd. 5. new text end new text begin Determination of property values. new text end new text begin The value of a taxpayer's property must be calculated in the same manner as the value of a gross estate under section 2031 of the Internal Revenue Code. new text end new text begin EFFECTIVE DATE. new text end new text begin This section is effective for taxable years beginning after December 31, 2025. new text end